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Middle Market Digest: The Northeast

Here is a roundup of recent smaller transactions and deals and personnel moves in the Northeast.

Deal Tracker

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LIVINGSTON, NJ—Onyx and partner Lubert Adler say their 65,000 square-foot lifestyle shopping center, Livingston Town Center, at the intersection of Livingston Avenue and Mount Pleasant Avenue, has achieved 93 percent occupancy. When Onyx and Adler acquired the property in 2012, occupancy was 52 percent. Under Onyx’s management, the center signed 15 new tenants, totaling more than 36,000 square feet of retail space. The newest tenants include Fan Bistro, Fit36, Restore Cold Pressed, Xtend Barre, Lapels and Dentistry with a Smile.

EDISON, NJ—CBRE has been selected as the exclusive agent to strategically market and sell Washington Park Apartments, 1940 Lincoln Highway (Route 27). Despite recent evaluations revealing the property operates 45 percent below current market rents, the two-building, 52-unit garden apartment complex has had positive cash flow for four generations, CBRE says.

MOORESTOWN, NJ—Cherry Hill, NJ-based Markeim Chalmers negotiated the recent $2.3 million sale of a 48,000 square-foot office building at 505 S. Lenola Road in Moorestown, NJ, representing both the Estate of Edna Ravikio (seller) and SFA 505 South Lenola Road (buyer). The site is 90 percent occupied and Markheim Chalmers says it will remain an investment property.

WALDWICK, NJ—NAI James E. Hanson negotiated a lease for 9,250-square-feet of industrial space at 6 William Demarest Place in Waldwick, NJ for Armistead Mechanical, an industrial piping contractor. NAI Hanson’s Ken Lundberg, SIOR, Dominic Fittizzi, and Patrick Lennon presented the landlord, Waldwick III Associates, in the lease transaction.

NEW YORK, NY—DJK Commercial Realty, the commercial branch of leading real estate and relocation firm DJK, signed Chillbox Greek Frozen Yogurt to a ten-year lease for 280 square feet at Two Times Square, the franchise’s first New York City location. DJK Commercial Realty Agents Eric Piazza and Alexander Gross represented Chillbox in the leasing transaction. Founded in Greece, Chillbox currently operates more than 120 stores in Europe, Russia, the Middle East and USA. The franchise business is popular for its frozen yogurt, toppings bar, ice cream and beverage options, including coffee and smoothies.

Notables

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PARSIPPANY, NJ—Jones Lang LaSalle named life sciences expert John Cunningham an executive vice president as part of an expansion of its life sciences practice. Cunningham will work with Daniel Loughlin, international director and head of New Jersey office brokerage and the life sciences practice for JLL. JLL has been particularly active in the pharmaceutical and life sciences sectors, closing nearly 1.2 million square feet in high-profile leases and one major sale, throughout the New Jersey region in the past six months.

UNIONDALE, NY–Arbor Realty Trust says its Arbor LoanExpress (ALEX) online agency loan origination and processing platform has reached three new efficiency and service milestones at  its one-year anniversary mark. In that year, Arbor says ALEX helped rapidly close 426 loans and process $2.3 billion in loan volume while ultimately saving nearly 24 hours per loan in processing time.

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ASBURY, NJ & BETHLEHEM, PA—J.G. Petrucci Company promoted Joseph F. Correia and Peter P. Polt, two long-time employees, to executive vice president. Both will be based at the firm’s headquarters in Asbury, NJ. Correia began working with J.G. Petrucci Company in 2004. Polt joined Petrucci in 2008.

EVESHAM TOWNSHIP, NJ—Wolf Commercial Real Estate named 10-year industry veteran Tony Banks a vice president. Banks was previously an associate at Legend Properties. Before working in real estate, he was a trading analyst on the floor of the Philadelphia Stock Exchange for more than ten years. He will focus on expanding the firm’s client base in Pennsylvania, especially in and around Philadelphia.

 

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